The stock market suffered a brutal bloodbath last week as recession concerns shot up, but Capital Economics predicted the artificial intelligence boom will continue to lead the way higher.
The surprisingly weak July jobs report on Friday and the sharp deterioration in the Institute for Supply Management’s manufacturing index on Thursday sank stocks. For the week, the S&P 500 lost 2.5%, the Nasdaq fell 3.6%, and the Russell 2000, which previously soared on a rotation into small caps, tumbled nearly 7%.
